Top CD Rates for June 23, 2025: Lock in up to 4.4% APY

As of June 23, 2025, the highest CD rate is 4.4% APY offered by Western Alliance Bank on its 3-month CD. Online banks and credit unions generally offer more competitive rates compared to traditional banks. The national average CD rate is 1.77% for a 1-year term. To find the best CD rates, shop around, consider online banks, check minimum deposit requirements, and review account terms and conditions.

As of June 23, 2025, the highest certificate of deposit (CD) rate is 4.4% APY, offered by Western Alliance Bank on its 3-month CD. This rate is significantly higher than the national average for a 1-year term, which stands at 1.77% [1].

Highest CD Rates

The current top CD rates indicate that online banks and credit unions generally offer more competitive rates compared to traditional banks. For instance, Marcus by Goldman Sachs offers a 9-month CD with a rate of 4.2% APY, while Newtek Bank provides a 9-month CD with a 4.60% APY [2].

Finding the Best CD Rates

To secure the best CD rates, it is essential to shop around and compare offers from various financial institutions. Online banks, in particular, often provide higher interest rates than traditional brick-and-mortar banks due to lower overhead costs. However, it is crucial to ensure that any online bank you consider is FDIC-insured or NCUA-insured for credit unions.

Considerations When Choosing a CD

When selecting a CD, consider the following factors:

1. Term Length: Decide how long you're willing to lock away your funds. CDs come with fixed terms, and withdrawing your money before the term ends can result in penalties. Common terms range from a few months up to several years.

2. Financial Institution: Rates can vary significantly among financial institutions. Research CD rates from online banks, local banks, and credit unions.

3. Minimum Deposit Requirements: Check the minimum deposit requirement for each CD. Ensure that the required deposit fits your budget.

4. Inflation: While CDs can offer safe, fixed returns, they might not always keep pace with inflation, especially for longer terms. Consider this when deciding on the term and amount to invest.

Benefits of Opening a CD

Opening a CD now could be beneficial due to the current high yields. The Federal Reserve has indicated that interest rate cuts are likely later this year, which could lead to a decrease in CD yields. CDs are insured by the FDIC for up to $250,000 per depositor, per bank, providing a safe and secure investment option.

Conclusion

In summary, as of June 23, 2025, the highest CD rate is 4.4% APY, offered by Western Alliance Bank on its 3-month CD. To find the best CD rates, shop around, consider online banks, check minimum deposit requirements, and review account terms and conditions. Opening a CD now could help you maximize your returns before rates drop.

References

[1] https://finance.yahoo.com/personal-finance/banking/article/best-cd-rates-today-wednesday-june-18-2025-100046123.html
[2] https://www.fool.com/money/banks/articles/top-cd-rates-today-june-23-2025/